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Buckeye Partners (BPL) Q3 Earnings & Revenues Lag Estimates

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Buckeye Partners, L.P. (BPL - Free Report) reported third-quarter 2018 earnings of 57 cents per unit, lagging the Zacks Consensus Estimate for earnings of 68 cents by 16.2%. Moreover, the bottom line was also down on year over year by 29.6%.

Total Revenues

In the quarter under review, Buckeye Partners’ total revenues came in at $909.6 million, missing the Zacks Consensus Estimate of $920 million by 1.1%.

Moreover, the top line slipped 1.4% year over year due to lower revenues from transportation, storage and other services.

Buckeye Partners L.P. Price, Consensus and EPS Surprise

Operational Highlights

In the third quarter, the partnership’s adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations decreased 8.5% from the prior-year quarter’s level to $253.7 million.

Total costs and expenses were $1,301.4 million, up 72.5% from the year-earlier number. The firm’s reported operating loss of $391.8 million came in against the operating income of $168.3 million in the year-ago quarter.

Financial Screening

As of Sep 30, 2018, Buckeye Partners had cash and cash equivalents of $0.7 million compared with $2.2 million as of Dec 31, 2017.

Long-term debt as of Sep 30, 2018 was $4,985.2 million, higher than $4,658.3 million as of Dec 31, 2017.

Total capital expenditure in the third quarter was $107 million, up 6.2% from $100.7 million a year ago.

Zacks Rank

Buckeye Partners carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Releases

Northern Oil and Gas, Inc. (NOG - Free Report) is expected to report third-quarter 2018 earnings on Nov 8. It has an Earnings ESP of +2.61% and a Zacks Rank #2 (Buy).

Penn Virginia Corporation (PVAC - Free Report) has an Earnings ESP of +6.38% and is a Zacks #2 Ranked stock. It is slated to report third-quarter 2018 earnings on Nov 14.

Summit Midstream Partners, LP (SMLP - Free Report) has an Earnings ESP of +64.00% and a Zacks Rank #1. It is scheduled to report third-quarter 2018 earnings on Nov 8.

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